MULTI-NATIONAL COMPANIES WARNED AGAINST ENGAGING IN ILLICIT FINANCIAL FLOWS

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MULTI-NATIONAL COMPANIES WARNED AGAINST ENGAGING IN ILLICIT FINANCIAL FLOWS

MINES 22

 

 

By Mwenya Mofya

 

The government has warned that multi-national companies that operate without paying their taxes risk being penalized or closed.

 

A recent illicit financial flows report conducted by the Center for Trade Policy and Development has indicated that the government is losing huge amounts of revenue through illicit financial flows by multi-national companies such as mines.

 

And Zambia currently loses an estimated amount of three billion dollars annually through illicit financial flows by various institutions.

 

Speaking in an interview with 5fm news, Ministry of Mines and Mineral Development Permanent Secretary Paul Chanda indicates that government has put in place measures to ensure adequate collection of taxes from mines such as placing ZRA officials at all exiting points across the country.

 

 

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